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JPMorgan to Pay $1.7 Billion Settlement Over Role in Madoff Case

published:07 Jan 2014

JPMorgan to Pay $1.7 Billion Settlement Over Role in Madoff Case

JPMorgan to Pay $1.7 Billion Settlement Over Role in Madoff Case

published:07 Jan 2014

views:121

JPMorgan Chase has officially settled with federal authorities over criminal charges that the bank ignored warning signs of Bernard Madoff\'s $65 billion Ponzi scheme. The bank will pay $1.7 billion to settle the claims, which authorities say is the largest bank forfeiture in history -- and the largest penalty by the Department of Justice for a Bank Secrecy Act violation. As part of the agreement, JPMorgan acknowledges its wrongdoing and must reform its anti-money laundering policies. In exchange, criminal charges against the bank will be deferred for two years.
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JPMorgan to Pay $1.7 Billion Settlement Over Role in Madoff Case

published:07 Jan 2014

views:121

JPMorgan Chase has officially settled with federal authorities over criminal charges that the bank ignored warning signs of Bernard Madoff\'s $65 billion Ponzi scheme. The bank will pay $1.7 billion to settle the claims, which authorities say is the largest bank forfeiture in history -- and the largest penalty by the Department of Justice for a Bank Secrecy Act violation. As part of the agreement, JPMorgan acknowledges its wrongdoing and must reform its anti-money laundering policies. In exchange, criminal charges against the bank will be deferred for two years.
Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV
For more content from TheStreet visit: http://thestreet.com
Check out all our videos: http://youtube.com/user/TheStreetTV
Follow TheStreet on Twitter: http://twitter.com/thestreet
Like TheStreet on Facebook: http://facebook.com/TheStreet
Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet
Follow TheStreet on Google+: http://plus.google.com/+TheStreet...

JPMorgan Chase has officially settled with federal authorities over criminal charges that the bank ignored warning signs of Bernard Madoff\'s $65 billion Ponzi scheme. The bank will pay $1.7 billion to settle the claims, which authorities say is the largest bank forfeiture in history -- and the larg

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